FCPO
FCPO 3rd Month Futures - 5 January 2024
Fri, 05-Jan-2024 09:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
3652
Resistance
3664 / 3675 / 3685 / 3694
Support
3643 / 3633 / 3622 / 3610
Possible Range
3600 to 3700
Strategy
Long positions may be opened above 3650 with targets at 3685/3694 stop-loss at 3620
Short positions may be opened below 3650 with targets at 3633/3610 stop-loss at 3680

FCPO Mar month rose 36 points or 0.99% to 3657 closed higher. Malaysian palm oil futures rose on Thursday, snapping four consecutive sessions of losses, underpinned by a decline in production and firmer crude oil prices.

Overnight Soybean oil Mar Month fell 0.44 to 48.16. Soybean futures extended recent losses on Thursday as the market remained under pressure from rains in dry areas of Brazil and expectations for more beneficial showers. Dalian's most active palm oil contract rose 8 to 6988.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3670 (yesterday's high) would target 3685/3694 en route to 3715. On the flip side, the next support is located at 3652 (Pivot), followed by 3643 (S1), and finally 3628 (Yesterday’s low).

FCPO: 继豆油和大连油涨跌互现后,FCPO 可能会在区间内交易。突破3670(昨天的高点)将目标为3685/3694,并最终到达3715。另一方面,下一个支撑位于3652(支撑点),然后是3643(S1),最后是3628(昨天的低点)。

做多策略:可在3650上方做多,目标价 3685/3694, 止损位3620

做空策略:可在3650下方做空,目标价 3633/3610, 止损位3680

(News Source: Reuters)

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